"And indeed, this afternoon, we will have the pleasure of commemorating these determining moments in our industry. What better place for this to occur than here in Algiers, where it all started in 2016," he added.
Barkindo said: "As part of our quest as a centre of excellence, we continue to promote information exchange and open dialogue on oil market developments and analysis."
"This afternoon, we will officially launch the 2018 version of the World Oil Outlook, which is the 12th edition of this flagship publication, and I invite all of you to attend this special occasion," he added.
"It is noteworthy that, over the years, our World Oil Outlook has come to be valued as one of the most sought-after reference materials for policymakers, corporate decision makers, analysts, the media and the general public," he said, adding: "Transparency of data is and always has been of utmost importance to OPEC. In this regard, mobile Apps are now available for the World Oil Outlook, the Annual Statistical Bulletin and the Monthly Oil Market Report, providing access to a vast amount of oil market data from 1960 to the present online and free of charge to all."
"In conclusion, this OPEC/Non-OPEC cooperation will continue to enhance dialogue and build bridges across the industry. It will work hard to ensure a sustainable stability in the global oil market, enabling steady and lasting economic growth across consuming and producing countries," Barkindo said. "From the beginning, OPEC Member Countries have endeavored to meet their customers’ needs in a reliable and secure manner. We continue to have open and inclusive dialogue with all major stakeholders, including consumers, in an effort to consider common issues of concern regarding market stability. And this feedback, naturally, factors into any decision taken by OPEC, and more recently, by our Non-OPEC friends as well."
Balanced Oil Market
The Tenth OPEC+ Joint Monitoring Ministerial Committee closed with a positive balance on 23September, after the evaluation of a report on results prepared by the Joint Technical Committee, about the evolution, in the short term, of world oil market, including the perspectives for year 2019.
The final statement shows that, based on the report submitted by the JTC, the members of the Organization of Petroleum Exporting Countries (OPEC), along with other oil producer nations, signatories of the Production Adjustment Cooperation Statement, a level of compliance of 129% was reached in August 2018 and of 109% in July 2018.
In accordance with a release issued by OPEC, JMMC members conceive these results as a reasonable progress, according to decisions taken during the 174th OPEC Conference Meeting dated 22 June 2018, and the subsequent OPEC and non- OPEC Ministerial Committee dated 23 June 2018, in order to adjust compliance to 100%.
In accordance with information issued by the Organization of Petroleum Exporting Countries (OPEC), the next Joint Monitoring Ministerial Committee meeting will take place on 11 November 2018, in Abu Dhabi, United Arab Emirates.
Oil exporting countries participating in the Declaration of Cooperation for Oil Crude Production Voluntary Adjustment, subscribed by OPEC+ nations intend to continue cooperating and making efforts to consolidate world oil market stabilization.
The 9th Meeting of the JMMC took place in Vienna on 21 June 2018. Meetings of the Joint Ministerial Monitoring Committee (JMMC), with the participation of Russia, Saudi Arabia, Kuwait, Venezuela, Algeria and Oman are held every two months.
On 30 November 2016, OPEC countries agreed to reduce daily oil output by 1.2 million barrels to keep it at 32.5 mb/d. On 10 December, in Vienna, 11 non-member countries, including Azerbaijan signed agreement with OPEC to reduce overall daily production by 558,000 barrels. Within the 172nd meeting of the OPEC Conference on 25 May 2017, OPEC and non-OPEC states agreed to extend the deal on oil production cut till the end of 1Q 2018.
Saudi, Russia Back Down from Urgent Hike
Saudi Arabia and Russia were planning in the run-up to the Algeria meeting to increase oil output, but in the face of oil market realities and Iran's position they could not practice any immediate, additional increase in crude output.
"I do not influence prices," Saudi Energy Minister Khalid al-Falih told reporters as OPEC and non-OPEC energy ministers gathered in Algiers for a meeting that ended with no formal recommendation for any additional supply boost.
Falih said Saudi Arabia had spare capacity to increase oil output but no such move was needed at the moment.
"My information is that the markets are well- supplied. I don't know of any refiner in the world who is looking for oil and is not able to get it," Falih said.
Russian Energy Minister Alexander Novak said no immediate output increase was necessary, although he believed a trade war between China and the United States as well as U.S. sanctions on Iran were creating new challenges for oil markets.
Oman's Oil Minister Mohammed bin Hamad Al-Rumhy and Kuwaiti counterpart Bakhit al-Rashidi told reporters after the JMMC's talks that producers had agreed they needed to focus on reaching 100 percent compliance with production cuts agreed in June.
That effectively means compensating for falling Iranian production. Al-Rumhy said the exact mechanism for doing so had not been discussed.
Falih said returning to 100 percent compliance was the main objective and should be achieved in the next two to three months.
Although he refrained from specifying how that could be done, Saudi Arabia is the only oil producer with significant spare capacity.
"We have the consensus that we need to offset reductions and achieve 100 percent compliance, which means we can produce significantly more than we are producing today if there is demand," Falih said.
"The biggest issue is not with the producing countries, it’s with the refiners, it's with the demand. We in Saudi Arabia have not seen demand for any additional barrel that we did not produce."